Insurance Commissioner Regalado said insurers need to adjust underwriting, pricing, reserving and capital management to better reflect future climate-related risks.
The measures provide 90-day grace periods for premiums, coverage extensions, and loan repayments, with report submissions given a 30-day extension without fines or penalties.
Under the agreement, Land Bank will lead procurement, while Insurance Commission (IC), Bureau of the Treasury, Government Service Insurance System, Social Security System, Philippine Deposit Insurance...
Insurance penetration improved to 1.78% in 2025, as insurers paid 121.9bn pesos (approx. US$2.08bn) in life benefits and sector assets climbed past 2 trillion pesos.
